Weekly Price Action Setups & Key Levels | Dec 18-23
My current active open positions: EURUSD, AUDCAD, AUDNZD, AUDUSD
Note to traders: liquidity has a good chance to really thin out this week leading into the holidays. It will show it’s cards likely by weds/thurs.
Just understand with low liquidity, stops can get kicked on sharp spikes so be mindful with proper risk and understanding of what may happen.
EURUSD – Corrective Pullback Sitting At MT RRL (1hr chart)
After forming a multi-year low which we’ve been hinting at for several weeks now, the EURUSD has produced a corrective pullback into the MT RRL around 1.0460. If this level holds, we should see another attack on the yearly lows sub 1.04 with potential scope for a trip to parity.
NOTE: Some of the institutional fx desks are calling for a move to parity or even lower in 2017.
For now I’m remaining bearish and continually looking to sell while below 1.0525 on a daily closing basis.
Keep up with the members commentary for updates on potential trade setups.
USDJPY – First Weekly Close Above 115 Since Last year (weekly chart)
Taking a step back looking at the price action on the weekly charts, the USDJPY has exploded higher gaining 7 weeks in a row and pumping out over 1500 pips since.
The key IMO was having a weekly close above 115.95 which was the major support structure over for 2014/2015.
To me this changes the MT structure to bullish and should give the pair scope to play around with a potential trip up towards 122 and 125.
Only a weekly close below 115 negates my ST and MT bullish bias.
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